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Big Three plead for $34B rescue (AP)

Ford vehicles are seen on the sales lot at the Metro Ford dealership December 2, 2008 in Miami, Florida. The United Auto Workers is willing to make significant concessions to help rescue the Big Three US automakers, the union's president said Wednesday.(AFP/Getty Images/File/Joe Raedle)AP - Humbled U.S. automakers pleaded with Congress Thursday for an expanded $34 billion rescue package, but heard fresh skepticism in a bumpy encore appearance.


AT&T to cut 12,000 jobs, 4 percent of staff (AP)

In this Sept. 30, 2008 file photo provided by AT&T Inc., Randall Stephenson, president, chief executive officer and chairman of AT&T Inc., speaks to employees at AT&T's new broadband technical support call center in Goldsboro, N.C. AT&T said Thursday, Dec. 4, 2008, it is cutting 12,000 jobs, or about 4 percent of its work force, because of the economic downturn. (AP Photo/AT&T Inc., Jim R. Bounds, File)AP - AT&T Inc. joined the recession's parade of layoffs Thursday by announcing plans to cut 12,000 jobs, about 4 percent of its work force.


 

Business News

Bernanke urges action to halt foreclosures (Reuters)

Carmen Fernandez (R) and others rally to ask state lawmakers to stop home foreclosures and help modify loans at the State Capitol in Sacramento, November 25, 2008. (Max Whittaker/Reuters)Reuters - Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts.


Automakers plead with Congress for emergency cash (Reuters)

Richard Wagoner (L), chairman and CEO of General Motors, talks with Ron Gettelfinger, President of the United Auto Workers International Union before testifying at the Senate Banking, Housing and Urban Affairs Committee hearing on the 'The State of the Domestic Automobile Industry: Part II,' on Capitol Hill, December 4, 2008. (Joshua Roberts/Reuters)Reuters - The chief executives of the major U.S. auto companies pledged to refocus on higher fuel efficiency and lower production costs as they asked Congress again on Thursday for billions of dollars in emergency cash.